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Malayan Insurance partners with Atradius to expand trade credit insurance in PH

Malayan Insurance Co., a non-life insurer, will leverage its large client base to expand trade credit insurance (TC) policies to local and international businesses, in partnership with Atradius, a Dutch TCI provider.

Trade credit insurance compensates companies for unpaid dues from customers for various reasons, such as bankruptcy, insolvency, or political upheaval. TCI safeguards businesses from certain risks, including clients’ failure to pay.

The collaboration between Malayan Insurance and Atradius will cover the sales contract between the insured seller or company and its buyer. It aims to help policyholders recoup their losses or unpaid debts as long as they are within the agreed TCI plan’s limits.

“In the Philippines, initially, we started offering it to local multinational corporations,” said Michael Frigo, director of Southeast Asia at Atradius. “With this partnership, we hope to move toward the middle market and small businesses while serving MNCs.”

Atradius has been offering TCI in the European market, as well as in other countries.

Aside from commercial risks, TCI also covers political risks. This additional layer of protection is considered a huge plus by lending and financing companies, and clients usually receive favorable terms from lenders with TCI policies.

“We want to optimize our value proposition to businesses and reach more target markets with this partnership,” said Arlene Quinito-Calimag, second vice president and head of Underwriting Cluster at Malayan Insurance.

Apart from the guaranteed protection from non-payments, prospective clients of this partnership will also have the chance to accelerate their growth since they can now offer credit terms to customers and avail themselves of better financing options from lenders with credit insurance policies.

TCI can be offered across almost all industries, including ICT, BPO, F&B, and pharmaceuticals.

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